House Pensions, Investments & Financial Services Committee
The meeting involved extensive discussions around several house bills, with notable emphasis on HB700, which aims to increase transparency in the merchant cash advance (MCA) sector. Representative McQueen provided a detailed explanation of the issues small business owners face due to aggressive tactics and lack of regulation in this area. The committee also examined HB4609, which focuses on updating the Texas Municipal Retirement System (TMRS) benefits to provide clearer options for cities regarding cost-of-living adjustments (COLA), allowing cities to offer retirement benefits in a more flexible and informed manner. Additionally, the meeting featured a strong public testimony segment, where witnesses voiced their support and concerns, especially regarding the implications of digital currencies framed in HB703.
Relating to a study by the Teacher Retirement System of Texas on the feasibility of offering alternative service retirement benefits to certain members of the retirement system engaged in wildland firefighting or employed in positions related to wildland firefighting.
Relating to disclosures for certain commercial sales-based financing transactions and the registration of commercial sales-based financing brokers; authorizing a fee and providing a civil penalty.